Production and Reserves

The following information is based upon the "NI 43-101 Technical Report, Mount Milligan Mine, Northern Central British Columbia" prepared by Thompson Creek Metals Company Inc. ("TCM") and dated effective January 21, 2015 (the "Mt. Milligan Technical Report"). The Mt. Milligan Technical Report has been reviewed on behalf of Centerra Gold Inc. ("Centerra") by Doug Berthelsen, and Robert Clifford and, to the best of Centerra's knowledge, information, and belief, there is no new material scientific or technical information that would make the disclosure of the mineral resources or mineral reserves inaccurate or misleading.

The following tables set forth the estimated copper and gold mineral reserves for Mount Milligan as of December 31, 2015:

Proven and Probable Copper and Gold Estimated Mineral Reserves at December 31, 2015(1)

Property Category Tonnes Copper Grade Contained Copper Gold Grade Contained Gold
    (millions) (% Cu) (millions of lbs) (gram per tonne) (millions of oz)
Mount Milligan Proven-Mine 271.9 0.198 1,185 0.416 3.64
  Proven-Stockpile 3.0 0.166 11

0.500

0.05
  Probable-Mine 231.5 0.194 989 0.269 2.00
Total Proven 274.9 0.197 1,196 0.417 3.69
  Probable 231.5 0.194 989 0.269 2.00
  Proven+Probable 506.4 0.196 2,185 0.349 5.69

(1)The mineral reserve estimates for Mount Milligan Mine were prepared by Robert Clifford, Director of Mine Engineering at TCM, who is a Qualified Person under NI 43-101. The mineral reserve estimates were prepared using an ultimate open pit design optimized at spot metal prices of $2.95/lb copper, $1,250/oz gold, an exchange rate of US$1.00/C$1.10, a cut-off grade of 0.176% copper equivalent and takes into consideration metallurgical recoveries, concentrate grades, transportation costs, smelter treatment charges and royalty and streaming arrangements in determining economic viability. The mineral reserve estimates are based on the cost assumptions included in the NI 43-101 technical report entitled "NI 43-101 Technical Report-Mount Milligan Mine-Northern Central British Columbia" dated January 21, 2015 and filed on SEDAR on January 21, 2015. Mill recoveries vary by rock type and region but average 85.0% copper and 71.5% gold. Anticipated losses resulting from beneficiation average approximately 4.5% copper and 2.5% gold.

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